Legalization of Sports Betting In The State Of Mississippi After Several Bills aiming to broaden the state’s legal status of sports betting miss passing them following their legalization. The state obviously is adamant on preserving their exclusive right to sports betting in Mississippi only at licensed sports books and casinos. Thus in 2021 the Mississippi Supreme Court has upheld the law banning sports betting at all state approved establishments including sports books. In a 6-4 vote, the court ruled that the Mississippi State constitution protects the exclusive rights of residents to sports betting. The majority of sports book operators around the United States of America, Canada and South Africa have welcomed the ruling of the Mississippi Supreme Court. These sports book operators will now be able to legally serve clients in Mississippi.
But the law will still affect the Mississippi sports books, place bets and even offer their services from within the state. The loss in tax revenue is still a major concern, as many people in Mississippi are earning a living from sports betting. They earn money from placing bets on different games including basketball, football, baseball, soccer, tennis and the like. The tax imposed on the income earned by these people will not be recovered in case there are sportsbooks which operate illegally within the state.
Efforts to Legalize Online Sports Betting: Mississippi is again planning to legalize online sports betting but the matter is currently under review. The Governor of the Mississippi has directed the Secretary Of State to prepare a bill for the 2021 session which should include a constitutional amendment to legalize sports betting throughout the entire state. The Secretary Of State is expected to submit the draft for introduction during the upcoming session. If the proposed amendment becomes a law in 2021, the existing tax rate will be deleted completely from the equation.
Mississippi Sports Betting Revenue: One of the reasons why the Mississippi sports betting industry is flourishing in Mississippi is the relatively low tax rate it enjoys. Sports betting enthusiasts in Mississippi enjoy a great success rate, because the state has relatively low gambling tax. The state only imposes a single tax on people who place wagers over fifty dollars while on people who place wagers over a thousand dollars. Although the number of people who partake in online sports betting is increasing day by day, Mississippi is lagging behind other states in terms of growth in gambling revenues. Online sports betting could potentially generate more than $100 million in annual revenue in Mississippi. With all the new opportunities that have presented themselves with the legalization of online sports betting in Mississippi, the outlook for the gambling industry in the state looks rosy.
State Productivity And Profits: The potential revenue generated by sports betting is nothing new. Since 2021, fourteen states including Mississippi have legalized in-person betting. The numbers obtained by using these statistics provide a positive picture about the profitability and efficiency of the legal system when it comes to implementing regulation on the activity. All said and done, the revenue brought in by legalized sports betting will help improve the fiscal structure of the state.
Revenue generation through online sports betting legalization may contribute towards lowering the state’s monthly handles. As higher revenue is deposited into the state treasury, it helps prioritize pressing issues like education, health care and infrastructure. The impact of legalized sports betting in Mississippi can be directly linked to the drop in the number of county jail inmates. In response to this, the number of crimes which are related to gambling, lottery syndicates and sports betting in Mississippi are significantly reduced.
Minimizing Revenue Loss: Because sportsbooks sports betting law has been passed in the state, losses incurred by customers below the age of 18 years are not covered by the law. If a customer is below the age of 18, his transactions with Mississippi sportsbooks are restricted. According to experts, this provision could prove to be beneficial to minors as they may not be aware of the importance of investing in wagers. This makes them prone to losses and as a result will not be able to realize their benefits from the law.
Regulating Sales Of Liquor: Mississippi is yet to introduce in-person betting in casinos but in the mean time, licensed casinos are allowed to sell liquor to customers. Previously, only liquor shops were able to do so. Today, any licensed retailer can sell alcohol to customers. This is expected to bring a significant impact on the sales pattern of Mississippi casinos. The increase in sales of alcoholic drinks is expected to generate revenue for the state coffers.